https://www.taxtmi.com/caselaws?id=58967 For surtax computation under the Companies (Profits) Surtax Act, exclusions in rule 1(viii) and rule 1(ix) were read as net income computed under the Income-tax Act after Chapter VIA adjustments, not gross dividend or royalty receipts. Rule 4 of the Second Schedule was not applied to reduce capital base proportionately for Chapter VIA deductions. General reserve created from section 80J-exempt profits remained part of capital base, while short provision for gratuity could not be deducted from reserves. Bonus shares did not justify proportionate increase in paid-up share capital. For donations under section 80G, the relevant sum was only the amount actually qualifying for deduction, subject to the statutory ceiling. en-us Fri, 31 Jan 1986 00:00:00 +0530 Wed, 25 Jan 2012 17:02:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=58967 For surtax computation under the Companies (Profits) Surtax Act, exclusions in rule 1(viii) and rule 1(ix) were read as net income computed under the Income-tax Act after Chapter VIA adjustments, not gross dividend or royalty receipts. Rule 4 of the Second Schedule was not applied to reduce capital base proportionately for Chapter VIA deductions. General reserve created from section 80J-exempt profits remained part of capital base, while short provision for gratuity could not be deducted from reserves. Bonus shares did not justify proportionate increase in paid-up share capital. For donations under section 80G, the relevant sum was only the amount actually qualifying for deduction, subject to the statutory ceiling. Case-Laws Income Tax Fri, 31 Jan 1986 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=58967